2025 Gold Production Guidance

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to announce the production guidance for 2025 from its interest in the Zenit Mining Operations ("Zenit" or "the Project"). Zenit is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S.

Highlights:

• Increased gold production guidance for 2025 from Zenit is expected to be c.25,000 ounces of gold* (2024: c.20,000 ounces of gold*), inclusive of gold production from Kiziltepe and Tavsan.
• Average monthly mill throughput is expected at c.25,000 tonnes of ore, with a stockpile of c.20,000 tonnes at c.1.95 g/t Au currently maintained at Kiziltepe.
• Ore stockpiled at Tavsan and awaiting stacking onto the heap-leach pads is c.600,000 tonnes as they remain in construction.
• Average grade of gold to be mined during the first half year from Kiziltepe is expected to be c.1.90 g/t Au and gold recovery is expected to average c.90%.
• Open-pit mining will continue largely at the Arzu South pit at Kiziltepe and focusing on high-grade (c.2.5 g/t gold) areas at the Tavsan Main pit during 2025.
• Working capital cash on hand within Zenit is currently being maintained at c.US$10 million.

* Silver production guidance is not provided, as silver is treated as a by-product credit. All figures are stated gross to the Project unless otherwise stated.

Kerim Sener, Managing Director, commented:

"As the Tavsan Mine nears completion, we are very pleased to provide our production guidance for 2025, which is expected to be a 25% increase from last year. Production from both Kiziltepe and Tavsan is expected to be approximately 25,000 ounces of gold during the year delivering at an estimated combined cash cost of c.US$1,500 per ounce. High-grade ore from Tavsan will be processed through the CIL plant, while the heap-leach operation is commissioned in the coming months.

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"Construction of the Tavsan mine is now largely drawing to a close, with the completion of the heap-leach pads the only major outstanding task. The processing plant automation works are very much advanced, and the remaining work on the electrification of the heap-leach area and associated substation installation are complete. With better weather conditions expected through the spring, we expect completion of the heap-leach pads thereafter.

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"A substantial stockpile of already mined ore is awaiting stacking onto the heap-leach pads at Tavsan, which means there will be minimal delay between the completion of the pads and the commencement of leaching operations."

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Summary of Project

The Kiziltepe gold-silver Mine was expected to deliver up to 20,000 oz of gold per annum, as a CIL operation, over eight years of initial mine life from 2017 to 2024. The latest update to the Reserves in March 2024, enabled the mine life to be extended further. The operating company, Zenit Madencilik San. ve Tic. A.S., is a partnership between Ariana (23.5%), Proccea (23.5%) and Ozaltin (53%), with management control being with Proccea. Commercial production was initiated at Kiziltepe in July 2017 and has continued without interruption, consistently delivering production above plan.

The latest Resource and Reserve estimate for Kiziltepe was based on recent drilling and geological interpretation in March 2024. Detailed technical and economic assessments are underway on several satellite vein systems not currently in the mining plan, in anticipation of these being developed in future years. The Kiziltepe operation has been operational for eight years and current Reserves are sufficient to enable production through to 2026. Further exploration and resource development work remains underway in the expectation that further extensions to mine life are possible.

The Tavsan gold-silver Mine is located 130 kilometres by road from Kiziltepe Mine and is being developed as a heap-leach operation. Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as Zenit's second gold mining operation in Turkey. It is currently in construction, with mining underway since early 2024. A new resource extension drilling programme was initiated in January 2025 and remains underway. The results of this drilling programme will be integrated into a revised Resource and Reserve estimate. Production of gold from the heap-leach at Tavsan is expected during 2025.

Editors' Note: